Private Real Estate Mortgages in Elgin

Many real estate investors turn to private real estate financing to pay for a new home or property, or update or refinance one they already own. While standard lenders like banks will require an extended, time consuming application process and are more than likely to be reluctant to offer money to a self-employed borrower, private mortgage loans in Elgin close fast and are easy qualifying.

Thus, while you might have bad credit, having a promising real estate opportunity, a substantial down payment, past experience in real estate, and an intelligible exit strategy are more crucial when it comes to qualifying for private money for a real estate loan. Additionally, the fast closing Elgin private real estate mortgages supply you with funding without delay, letting you close a deal within 2 or 3 weeks.

Usually, people get in touch with a private mortgage lender in Elgin when:

  1. They wish to update or make repairs to the property or home so that they can market it at a higher price or to charge higher rents.

    As an illustration, one of our clients held a two-unit rental. At the time, he had plenty of equity available in the property and the rent checks brought in a steady income. A handful of choice home improvements would help him increase his rents, but with a lower credit score of 520, it was highly probable for a bank to turn down the mortgage request. And so he reached out to Read Rock Capital to obtain a cash-out refinance and received financing at 65% LTV.

  2. They've got numerous outstanding debts and desire to consolidate them.

    Most people find that it's stressful to manage countless payments every month. To put together a more workable situation, some people consolidate all their financial debts into only one mortgage loan with only one payment per month.

  3. They want to allocate their existing equity in one home and invest in another one.

    By way of example, one of our past customers in Hawaii had a house appraised in excess of one million bucks. When he was not able to secure a buyer for the property, he entered into a lease-option-to-buy contract with someone. The cash that came from the rent paid for his continuing mortgage payment, insurance, and taxes. The renter furthermore agreed to pay 200k in the form of a deposit for a 3-year lease agreement. With the help of this collateral to take care of the home's foreseeable financial obligations, he discovered another great real estate opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the property's value. This gave him plenty of capital to put towards a down payment on his next property, but also helped him pay off the current mortgage.

  4. They want assistance to meet the balloon payment for the current mortgage loan.

    If someone is not able to meet a balloon payment as a result of unforeseen factors, he can make an effort to refinance the loan with an alternative mortgage lender. A cash-out refinance can help you pay the balloon payment and evade consequences.

In search of a private mortgage lender in Elgin to finance your investment purchase? Enter your info into the form on this page or call us and let's discuss the property you have in mind.

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Investment property loans only please, no primary residences at this time.